Jobless? Retire earlyNew Social Security claims hit record as sour economy drives early filings; payroll tax drop By TONY PUGH First published in print: Sunday, February 14, 2010

WASHINGTON -- A surge of early retirements and a decline in payroll tax revenue caused by the recession have begun to cut deeply into Social Security's surplus funding.

Led by aging baby boomers and older workers frustrated by the tough job market, record numbers of eligible Americans started receiving Social Security retirement benefits in 2009.

According to government figures, more than 2.7 million new beneficiaries were added to the rolls in 2009, up 20 percent from 2008. The one-year increase was the largest since at least 1975.

"Much of that surge is coming from the weak economy," said Richard Johnson, a senior fellow at the Urban Institute. "The fact that many people can't find work is forcing them to retire and collect benefits early."

Annual jobless rates for men and women age 55 and older were higher in 2009 than at any time since the government started collecting the data in 1948, Johnson said.

That forced many to claim retirement benefits at 62, their first year of eligibility, instead of waiting to collect at the full retirement age of 66.

Also fueling the increase was the leading edge of the baby boom generation, more than 3.4 million boomers who turned 62 in 2009, Johnson said. That was 9 percent more than in 2008 -- the first year that any baby boomers, those born between 1946 and 1964, were eligible for Social Security retirement benefits.

Because of the recession, trustees of the Social Security trust fund warned last year that the diminished 2009 surplus would...

I get my first SS check in 6 days! I have been paying for these welfare jerks all my life. I make lots of money but by gosh the bastard start flowing it back to me and I want every fricken penny without delay and you suckers just keep working SO I GET MY MONEY!!! I want my money. ( and my wife gets it too!!!) Ha!!!

Well, I have about ten years to go, but tell you what... the DAY I’m eligible to begin drawing SS (if there’s any left by then!) you bet your bottom dollar I’m going for it. At the rate it’s going under, why not...

This run on SS is really a surprise, isn’t it? Who would’ve thought? Yet another “unexpected” facet of the Obama economy.

56er here-— can’t retire just yet.... trying to shoot for not having to rely on SS if and when the time comes to retire. SS ‘fund’ could have been a self generating money making revenues from interest engine if the corrupted pols didn’t raid it. Pox on them all-— cretins!

"That forced many to claim retirement benefits at 62, their first year of eligibility, instead of waiting to collect at the full retirement age of 66. "

For me, it was a difference of $300.00 per month, I can pick that up having yard sales and selling scrap metal.

I have never taken any government money, and was very reluctant to sign up for SS, but my kids encouraged me, saying, "Dad you've paid into it all your life, it's yours to have.". They're right, although the government has timed it so you probably will never get out of it what you put in it, unless you live to 90 or something.

Great time for obama to collapse the economy, right here when the boomers start coming of age to draw their pennies.

There are two problems with taking Social Security at age 62.
The payments are about 40% less than if one waits until full retirement age (66 for my birth year), and there is a heavy penalty if one continues to work while collecting payments.
The work penalty disappears at full retirement age, but until then you’re going to get hit hard.

One more thing...those 40%-reduced payments remain permanently reduced, for the rest of your life.

16
posted on 02/16/2010 5:40:49 PM PST
by Deo volente
(January 19, 2010...the Second American Revolution begins, right where it all started!)

Your post reminds me of a hilarious line from The Simpson’s, where Bart discovers that Grandpa Simpson has a whole box of cash stashed under his bed at the nursing home. When Bart asks him where he got it, he says “The government. I didn’t earn it, I don’t need it, but if they miss one payment, I’LL RAISE HELL!!”

Some of the good planners chose to retire early - and for a good many reasons.

And....at 62, they had earned their SS. Heavens, they don't even know if by 65 or so, there will be anything to receive!!

Other (and I am in this catagory) were thrown out of work due to our age. For us, SS was mandatory. You tell me where the jobs are, and I'll return to work. Trust me on that. But until our elected reps call a depression a depression and attack it as they should have been doing all along, there will be no jobs, and without jobs, there will be no recovery.

So...to all of you with jobs...go out and get another one! Heck, you're young enough. Then contribute to the SS fund to that I and millions of others like me can receive our SS.

What am I going to do when I get to be SS age, you ask? Truthfully, I don't give a damn. But I wish you luck!

"Don't bash us kiddies. There is not near enough money in the monthly check for our weed habit."

LOL! There's a lot of truth in that. Most of my fellow Baby Boomers despise me. I went to Ft. Leonard Wood for some training during my early thirties and became more like our fathers (and like a few of the older Baby Boomers--those enlisted types with combat specialties in Nam--those who did not get high).

those enlisted types with combat specialties in Nam--those who did not get high

My brother turned to beer after his second tour. He was sent to Germany off and on for a total of 16 years as a Warrant in a tank outfit. I haven't had a case of beer in my entire life. It's been a lot of years since I smoked pot. Maybe back in 1976?

I can still identify that smell after all those decades, however. I'd take it up again, I suppose. The ultimate in healing sore muscles, eh?

drawing at 62 is a no-brainer. draw until you are eligible for the full amt and then if you are still living you can pay back what you have drawn with no penalties or interest and start drawing the full amt. I thought about doing that but i am afraid i will write them the big check to pay them back and then they will suddenly decide to declare bankruptcy and i won’t get any of it back.

I think Ill pass on Social Security, early or late. I am with you, I have no desire to participate in the Marxist scam...I only put in for a few years...been all capital gains since with no SS contributions for me. The only temptation to take it would be to help destroy it sooner, but then again...I prefer to say F**k it and the government...

When I was diagnosed with Leukemia at age 52, my Oncologist told me I had 10 to 15 years to live, maybe a little longer depending on improved treatment regimens.

My initial response to my Dr. was this, “You mean I'm getting ripped off by Social Security?”. He seemed a bit dumbfounded by my response, but that was the first thing that crossed my mind. Nobody lives forever, but the Rats want to be sure you're taxed forever.

They take half your money when you're alive, and then they take half the money that's leftover when you die. Which means we net about 25% if we're lucky.

I've given the Gubmint about $200,000 to fund that Ponzi Scheme, and I will damn sure start to collect at age 62 if I'm still around.

And let's not forget, it's not just the money you put into it, it's the money that you would have made had it been invested for the last 45 years. The kicker is that they tax you before the money comes out of your pay and they tax you when you get it back. That is IF you get it back.

Most of my fellow Baby Boomers despise me. I went to Ft. Leonard Wood for some training during my early thirties and became more like our fathers (and like a few of the older Baby Boomers--those enlisted types with combat specialties in Nam--those who did not get high).

Nothing like getting a little dramatic, almost 9.5 million boomers served in the military, it was our last great, warrior generation.

I remained a specialist (except temp. corporal for instructing in Reserve schools—no TO&E in line platoons for corporal) in a combat platoon due to local yocal, civilian politics in a Guard unit (Italian community). Remaining in low rank and not becoming an officer is the secret to staying away from drugs and alcoholism, IMO. ;-) [Little humor there but a little truth, too.]

As for soreness, I wiped out both knees (miniscus, etc.) in training and didn’t take anything from the government for those injuries. ...stayed in for seven years. Crawling fast often works well in fire-and-maneuver work, and most of the rest of the time, hobbling works well enough for a soldier with enough experience.

After getting out, walking (and jogging whenever the pain wasn’t too bad) and Tai Chi for about 12 years was the key to some healing (the miniscus in each knee, anyway). The silly Chinese movements cleaned calcium deposits out, until cartilage reformed. The ligaments won’t heal that way, but I no longer have to carry heavy loads all day. ...no sweat, no drugs, and refused disability benefits. I don’t want to become a worthless, fat gimp like most of the other old farts around me. ;-)

Both my statement from Social Security and the following SS website show a reduction of 25% of the monthly payment when starting at age 62 versus 66.

So, I could collect for 4 years on the early plan. Adding up the 48 monthly checks for the early years and dividing by the amount which is added to the monthly check at age 66 (the 25% amount), it seems that it would take 144 months (12 years) to “break even”, which is at the age 78 (66 plus 12).

Does that make sense? If so, then it looks like starting at 62 is a good bet (i.e. I might never make it to age 78 anyway). Then after age 78, I would be “losing” the 25% per month.

***I have been paying for these welfare jerks all my life. I make lots of money but by gosh the bastard start flowing it back to me and I want every fricken penny without delay and you suckers just keep working SO I GET MY MONEY!!! I want my money. ***

My thoughts exactly! Uncle Sam says Three of you must work to support me so PAY UP you tight was sons of B!#ches! YOU OWE ME!

***I have been paying for these welfare jerks all my life. I make lots of money but by gosh the bastard start flowing it back to me and I want every fricken penny without delay and you suckers just keep working SO I GET MY MONEY!!! I want my money. ***

My thoughts exactly! Uncle Sam says Three of you must work to support me so PAY UP you tightwad sons of B!#ches! YOU OWE ME!

Unfortunately August 15 1971 destroyed any hope of a comfortable retirement for all but the wealthy or people that have a residual income source. A fixed income can never keep up with inflation and the American people were sold down the river with fiat monetary investment. Many baby boomers saw there life savings vanish last year. God bless, I hope all of them persevere in there early retirement.

It should have been "every man for themselves" 30 years ago or more. We just didn't get it!

I've taught my kids to be self sufficient in all things. Their "retirement" will have little if anything to do with age, and may not even be in what's left of the US....of course, that is entirely up to them.

As for me...I go as long as I can on the savings I have left and the SS (until it runs out). After that....who knows?

Ok, now you still pay $110 a month but the Taxpayers pay the rest. You don’t even have to pay a co-pay’!! It is great and all these young graduating college kids are paying for us (like idiots) !!! I love the hell out of it! Bring it on or I will riot!!! I have all these medical problems and I just call the arrogant doctors up and say “WHAT TIME?” . I take a good book and get my damned health care so I can live longer and get MORE!!! It is AWSOME> God Bless America!!

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